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Pay vs Performance Disclosure
 12 Months Ended
Dec. 28, 2024
USD ($)
$ / shares
Dec. 30, 2023
USD ($)
$ / shares
Dec. 31, 2022
USD ($)
Dec. 25, 2021
USD ($)
Dec. 26, 2020
USD ($)
Dec. 31, 2023
$ / shares
Jan. 01, 2023
$ / shares
Dec. 28, 2019
USD ($)
Pay vs Performance Disclosure                
Pay vs Performance Disclosure, Table
PAY VERSUS PERFORMANCE
We are providing the following information about the relationship of the “compensation actually paid” to our chief executive officers (“CEOs”) and “average compensation actually paid” to our other named executive officers (“Non-CEO NEOs”), as calculated under the SEC pay versus performance proxy rule, for our fiscal years presented below and to certain financial performance measures.
PAY VERSUS PERFORMANCE TABLE
​
Year
​ ​
Summary
Compensation
Table Total
for CEO
(current)
($)(1)
​ ​
Compensation
Actually Paid
to CEO
(current)
($)(1)(2)
​ ​
Summary
Compensation
Table Total
for CEO
(former)
($)(1)
​ ​
Compensation
Actually Paid to
CEO
(former)
($)(1)(2)
​ ​
Average
Summary
Compensation
Table Total for
Non-CEO NEOs
($)(1)
​ ​
Average
Compensation
Actually Paid to
Non-CEO NEOs
($)(3)
​ ​
Value of Initial
Fixed $100
Investment
Based On:
​ ​
Net
Income
(GAAP)
(in
millions)
($)
​ ​
Adjusted
ROIC
(%)(5)
​
​
Company
TSR
($)
​ ​
Peer
Group
Index
TSR
($)(4)
​
​
2024
​ ​ ​ ​ 7,639,710 ​ ​ ​ ​ ​ 13,430,167 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 1,976,754 ​ ​ ​ ​ ​ 2,578,594 ​ ​ ​ ​ ​ 214.41 ​ ​ ​ ​ ​ 174.11 ​ ​ ​ ​ ​ 350,624 ​ ​ ​ ​ ​ 16.4 ​ ​
​
2023
​ ​ ​ ​ 5,956,400 ​ ​ ​ ​ ​ 4,305,592 ​ ​ ​ ​ ​ 6,280,307 ​ ​ ​ ​ ​ (-5,362,357) ​ ​ ​ ​ ​ 2,572,221 ​ ​ ​ ​ ​ 1,409,666 ​ ​ ​ ​ ​ 161.88 ​ ​ ​ ​ ​ 159.52 ​ ​ ​ ​ ​ 144,912 ​ ​ ​ ​ ​ 14.0 ​ ​
​
2022
​ ​ ​ ​ n/a ​ ​ ​ ​ ​ n/a ​ ​ ​ ​ ​ 8,674,260 ​ ​ ​ ​ ​ 21,710,433 ​ ​ ​ ​ ​ 2,258,298 ​ ​ ​ ​ ​ 4,865,986 ​ ​ ​ ​ ​ 227.19 ​ ​ ​ ​ ​ 116.64 ​ ​ ​ ​ ​ 254,251 ​ ​ ​ ​ ​ 13.3 ​ ​
​
2021
​ ​ ​ ​ n/a ​ ​ ​ ​ ​ n/a ​ ​ ​ ​ ​ 7,337,975 ​ ​ ​ ​ ​ 16,362,423 ​ ​ ​ ​ ​ 1,944,076 ​ ​ ​ ​ ​ 3,485,985 ​ ​ ​ ​ ​ 166.76 ​ ​ ​ ​ ​ 133.14 ​ ​ ​ ​ ​ 197,725 ​ ​ ​ ​ ​ 11.7 ​ ​
​
2020
​ ​ ​ ​ n/a ​ ​ ​ ​ ​ n/a ​ ​ ​ ​ ​ 6,432,086 ​ ​ ​ ​ ​ 9,973,234 ​ ​ ​ ​ ​ 1,634,815 ​ ​ ​ ​ ​ 2,003,714 ​ ​ ​ ​ ​ 116.22 ​ ​ ​ ​ ​ 116.87 ​ ​ ​ ​ ​ 142,149 ​ ​ ​ ​ ​ 8.7 ​ ​
​
(1)
Mr. Applbaum was CEO in 2024 and 2023 (beginning July 11). Stephen G. Kaniewski was CEO in 2023 (until July 11), 2022, 2021 and 2020. Ms. Larkin and Messers. Liguori, Francis, Donahue, Massey and Schapper were Non-CEO NEOs in 2024. Mr. Francis was a Non-CEO NEO in 2023. Ms. Larkin and Messers. Schapper and Parnell were Non-CEO NEOs in 2023, 2022 and 2021. Ms. Larkin and Messers. Applbaum, Schapper, Laterreur, and Jaksich (CFO until March 30, 2020) were Non-CEO NEOs in 2020. Average compensation for Non-CEO NEOs is based on the compensation of the NEOs for the relevant period.
​
(2)
The Summary Compensation Table (“SCT”) Total amount for CEO for 2024 was adjusted as set forth below to compute the compensation actually paid. The FY 2024 increases in value reflect the increases in value of options and RSUs during the fiscal year. Valmont’s stock price on the first day of fiscal 2023 was $330.30 and on the last day of fiscal 2023 was $233.51. Valmont’s stock price on the first day of fiscal 2024 was $234.52 and on the last day of fiscal 2024 was $306.54.
​
​ ​ ​ ​
Deduction of the
Amounts of Equity
Awards Reported in SCT
for Fiscal Year
​ ​
Addition of Fair
Value of
Outstanding and
Unvested Equity
Awards Granted
During the Fiscal
Year as of the
End of the Fiscal
Year ($)
​ ​
Change in Fair
Value From
Prior Fiscal
Year of
Outstanding and
Unvested Equity
Awards Granted
in Any Prior
Fiscal Year as of
the End of the
Fiscal Year
($)
​ ​
Change in Fair
Value as of the
Vesting Date
from the Prior
Fiscal Year of
Equity Awards
Vesting in the
Fiscal Year
($)
​ ​
Fair Value of
Equity Awards
as of the Prior
Fiscal Year of
Awards that
Failed Vesting
Conditions in
Fiscal Year
($)
​
​
Fiscal Year
​ ​
Stock Awards ($)
​ ​
Options ($)
​
​
2024
​ ​ ​ ​ 3,357,179 ​ ​ ​ ​ ​ 1,283,259 ​ ​ ​ ​ ​ 7,504,388 ​ ​ ​ ​ ​ 1,815,123 ​ ​ ​ ​ ​ 1,111,384 ​ ​ ​ ​ ​ 0 ​ ​
​
(3)
The Average SCT Total amounts for the Non-CEO NEOs were adjusted to compute the compensation actually paid as follows:
​
​ ​ ​ ​
Deduction of the Amounts of
Equity Awards Reported in
SCT for Fiscal Year
​ ​
Addition of Fair
Value of
Outstanding and
Unvested Equity
Awards Granted
During the Fiscal
Year as of the
End of the
Fiscal Year
($)
​ ​
Change in Fair
Value From
Prior Fiscal
Year of
Outstanding and
Unvested Equity
Awards Granted
in Any Prior
Fiscal Year as of
the End of the
Fiscal Year
($)
​ ​
Change in Fair
Value as of the
Vesting Date
from the Prior
Fiscal Year of
Equity Awards
Vesting in the
Fiscal Year
($)
​ ​
Fair Value of
Equity Awards
as of the Prior
Fiscal Year of
Awards that
Failed Vesting
Conditions in
Fiscal Year
($)
​
​
Fiscal Year
​ ​
Stock Awards
($)
​ ​
Options
($)
​
​
2024
​ ​ ​ ​ 653,749 ​ ​ ​ ​ ​ 137,216 ​ ​ ​ ​ ​ 1,099,331 ​ ​ ​ ​ ​ 203,154 ​ ​ ​ ​ ​ 413,124 ​ ​ ​ ​ ​ 322,804 ​ ​
​
(4)
S&P 400 Industrial Machinery Index.
​
(5)
Valmont selected adjusted return on invested capital (“adjusted ROIC”) as a company specific financial measure that links financial results and performance. A significant portion of an executives long-term performance award is based on adjusted ROIC. ROIC and adjusted ROIC are non-GAAP financial measures. ROIC and adjusted ROIC are calculated from the Company’s audited financial statements as follows:
​
​
Dollars in Thousands
​ ​
2024
​ ​
2023
​ ​
2022
​ ​
2021
​ ​
2020
​
​ Operating Income ​ ​ ​ $ 524,584 ​ ​ ​ ​ $ 291,557 ​ ​ ​ ​ $ 433,249 ​ ​ ​ ​ $ 286,785 ​ ​ ​ ​ $ 225,953 ​ ​
​ Adjusted effective tax rate ​ ​ ​ ​ 25.2% ​ ​ ​ ​ ​ 38.1% ​ ​ ​ ​ ​ 27.7% ​ ​ ​ ​ ​ 23.6% ​ ​ ​ ​ ​ 24.2% ​ ​
​ Tax effect on operating income ​ ​ ​ ​ (132,050) ​ ​ ​ ​ ​ (111,124) ​ ​ ​ ​ ​ (119,872) ​ ​ ​ ​ ​ (67,681) ​ ​ ​ ​ ​ (54,681) ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ After-tax operating income ​ ​ ​ $ 392,534 ​ ​ ​ ​ $ 180,433 ​ ​ ​ ​ $ 313,317 ​ ​ ​ ​ $ 219,104 ​ ​ ​ ​ $ 171,272 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ Average invested capital ​ ​ ​ $ 2,396,436 ​ ​ ​ ​ $ 2,504,474 ​ ​ ​ ​ $ 2,437,232 ​ ​ ​ ​ $ 2,176,577 ​ ​ ​ ​ $ 1,975,693 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ Return on invested capital ​ ​ ​ ​ 16.4% ​ ​ ​ ​ ​ 7.2% ​ ​ ​ ​ ​ 12.9% ​ ​ ​ ​ ​ 10.1% ​ ​ ​ ​ ​ 8.7% ​ ​
​ Operating income ​ ​ ​ $ 524,584 ​ ​ ​ ​ $ 291,557 ​ ​ ​ ​ ​ 433,249 ​ ​ ​ ​ ​ 286,785 ​ ​ ​ ​ ​ — ​ ​
​ Impairment of long-lived assets ​ ​ ​ ​ — ​ ​ ​ ​ ​ 140,844 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 27,911 ​ ​ ​ ​ ​ — ​ ​
​ Realignment charges ​ ​ ​ ​ — ​ ​ ​ ​ ​ 35,210 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 4,052 ​ ​ ​ ​ ​ — ​ ​
​ Other non-recurring charges ​ ​ ​ ​ — ​ ​ ​ ​ ​ 5,626 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
​ Prospera intangible asset amortization ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 6,580 ​ ​ ​ ​ ​ 3,396 ​ ​ ​ ​ ​ — ​ ​
​ Prospera stock-based compensation ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 9,896 ​ ​ ​ ​ ​ 5,240 ​ ​ ​ ​ ​ — ​ ​
​ Write-off of a receivable ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 5,545 ​ ​ ​ ​ ​ — ​ ​
​ Acquisition diligence ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 1,120 ​ ​ ​ ​ ​ — ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ Adjusted operating income ​ ​ ​ $ 524,584 ​ ​ ​ ​ $ 473,237 ​ ​ ​ ​ $ 449,725 ​ ​ ​ ​ $ 334,049 ​ ​ ​ ​ $ 225,953 ​ ​
​ Adjusted effective tax rate ​ ​ ​ ​ 25.2% ​ ​ ​ ​ ​ 25.9% ​ ​ ​ ​ ​ 27.7% ​ ​ ​ ​ ​ 23.6% ​ ​ ​ ​ ​ 24.2% ​ ​
​ Tax effect on adjusted operating income ​ ​ ​ ​ (132,050) ​ ​ ​ ​ ​ (122,665) ​ ​ ​ ​ ​ (124,431) ​ ​ ​ ​ ​ (78,836) ​ ​ ​ ​ ​ (54,681) ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ After-tax adjusted operating income ​ ​ ​ $ 392,534 ​ ​ ​ ​ $ 350,572 ​ ​ ​ ​ $ 325,294 ​ ​ ​ ​ $ 255,213 ​ ​ ​ ​ $ 171,272 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ Average invested capital ​ ​ ​ $ 2,396,436 ​ ​ ​ ​ $ 2,504,474 ​ ​ ​ ​ $ 2,437,232 ​ ​ ​ ​ $ 2,176,577 ​ ​ ​ ​ $ 1,975,693 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ Adjusted return on invested capital ​ ​ ​ ​ 16.4% ​ ​ ​ ​ ​ 14.0% ​ ​ ​ ​ ​ 13.3% ​ ​ ​ ​ ​ 11.7% ​ ​ ​ ​ ​ 8.7% ​ ​
​ Total Assets ​ ​ ​ $ 3,329,972 ​ ​ ​ ​ $ 3,477,448 ​ ​ ​ ​ $ 3,556,996 ​ ​ ​ ​ $ 3,447,249 ​ ​ ​ ​ $ 2,953,160 ​ ​
​ Less: Defined benefit pension asset ​ ​ ​ ​ (46,520) ​ ​ ​ ​ ​ (15,404) ​ ​ ​ ​ ​ (24,216) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
​ Less: Accounts payable ​ ​ ​ ​ (372,197) ​ ​ ​ ​ ​ (358,311) ​ ​ ​ ​ ​ (360,312) ​ ​ ​ ​ ​ (347,841) ​ ​ ​ ​ ​ (268,099) ​ ​
​ Less: Accrued expenses ​ ​ ​ ​ (275,407) ​ ​ ​ ​ ​ (277,764) ​ ​ ​ ​ ​ (248,320) ​ ​ ​ ​ ​ (253,330) ​ ​ ​ ​ ​ (227,735) ​ ​
​ Less: Contract liabilities ​ ​ ​ ​ (126,932) ​ ​ ​ ​ ​ (70,978) ​ ​ ​ ​ ​ (172,915) ​ ​ ​ ​ ​ (135,746) ​ ​ ​ ​ ​ (130,018) ​ ​
​ Less: Income Tax payable ​ ​ ​ ​ (22,509) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (3,664) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
​ Less: Dividends payable ​ ​ ​ ​ (12,019) ​ ​ ​ ​ ​ (12,125) ​ ​ ​ ​ ​ (11,742) ​ ​ ​ ​ ​ (10,616) ​ ​ ​ ​ ​ (9,556) ​ ​
​ Less: Deferred income taxes ​ ​ ​ ​ (6,344) ​ ​ ​ ​ ​ (21,205) ​ ​ ​ ​ ​ (41,091) ​ ​ ​ ​ ​ (47,849) ​ ​ ​ ​ ​ (41,689) ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ Less: Operating lease liabilities ​ ​ ​ ​ (134,534) ​ ​ ​ ​ ​ (162,743) ​ ​ ​ ​ ​ (155,469) ​ ​ ​ ​ ​ (147,759) ​ ​ ​ ​ ​ (80,202) ​ ​
​ Less: Deferred compensation ​ ​ ​ ​ (33,302) ​ ​ ​ ​ ​ (32,623) ​ ​ ​ ​ ​ (30,316) ​ ​ ​ ​ ​ (35,373) ​ ​ ​ ​ ​ (44,519) ​ ​
​ Less: Defined benefit pension liability ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (536) ​ ​ ​ ​ ​ (118,523) ​ ​
​ Less: Other non-current liabilities ​ ​ ​ ​ (20,813) ​ ​ ​ ​ ​ (12,818) ​ ​ ​ ​ ​ (13,480) ​ ​ ​ ​ ​ (89,207) ​ ​ ​ ​ ​ (58,687) ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ Total invested capital ​ ​ ​ $ 2,279,395 ​ ​ ​ ​ $ 2,513,477 ​ ​ ​ ​ $ 2,495,471 ​ ​ ​ ​ $ 2,378,992 ​ ​ ​ ​ $ 1,974,162 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ Beginning invested capital ​ ​ ​ $ 2,513,477 ​ ​ ​ ​ $ 2,495,471 ​ ​ ​ ​ $ 2,378,992 ​ ​ ​ ​ $ 1,974,162 ​ ​ ​ ​ $ 1,977,223 ​ ​
​ Average invested capital ​ ​ ​ $ 2,396,436 ​ ​ ​ ​ $ 2,504,474 ​ ​ ​ ​ $ 2,437,232 ​ ​ ​ ​ $ 2,176,577 ​ ​ ​ ​ $ 1,975,693 ​ ​
​ ​ ​
The adjusted effective tax rate for fiscal 2023 excluded the effects of the impairment of long-lived assets of $140.8 million, realignment charges of $35.2 million, non-recurring charges associated with major scope changes for two strategic projects initiated by departed senior leadership of $5.6 million, loss from Argentine peso hyperinflation of $5.1 million, and non-recurring tax benefit items of $3.6 million.
The effective tax rate including these items was 38.1%. The adjusted effective tax rate for fiscal 2022 excluded the effects of the $33.3 million loss from the divestiture of the offshore wind energy structure business which is not deductible for income tax purposes. The effective rate including the loss on the divestiture is 29.9%. The adjusted effective tax rates for fiscal 2020 excluded the effects of the $12.575 million goodwill impairments which are not deductible for income tax purposes. The effective tax rate in 2020 including the impairments is 25.7%.
             
Company Selected Measure Name Adjusted ROIC              
Named Executive Officers, Footnote
(1)
Mr. Applbaum was CEO in 2024 and 2023 (beginning July 11). Stephen G. Kaniewski was CEO in 2023 (until July 11), 2022, 2021 and 2020. Ms. Larkin and Messers. Liguori, Francis, Donahue, Massey and Schapper were Non-CEO NEOs in 2024. Mr. Francis was a Non-CEO NEO in 2023. Ms. Larkin and Messers. Schapper and Parnell were Non-CEO NEOs in 2023, 2022 and 2021. Ms. Larkin and Messers. Applbaum, Schapper, Laterreur, and Jaksich (CFO until March 30, 2020) were Non-CEO NEOs in 2020. Average compensation for Non-CEO NEOs is based on the compensation of the NEOs for the relevant period.
             
Peer Group Issuers, Footnote
(4)
S&P 400 Industrial Machinery Index.
             
Adjustment To PEO Compensation, Footnote
(2)
The Summary Compensation Table (“SCT”) Total amount for CEO for 2024 was adjusted as set forth below to compute the compensation actually paid. The FY 2024 increases in value reflect the increases in value of options and RSUs during the fiscal year. Valmont’s stock price on the first day of fiscal 2023 was $330.30 and on the last day of fiscal 2023 was $233.51. Valmont’s stock price on the first day of fiscal 2024 was $234.52 and on the last day of fiscal 2024 was $306.54.
​
​ ​ ​ ​
Deduction of the
Amounts of Equity
Awards Reported in SCT
for Fiscal Year
​ ​
Addition of Fair
Value of
Outstanding and
Unvested Equity
Awards Granted
During the Fiscal
Year as of the
End of the Fiscal
Year ($)
​ ​
Change in Fair
Value From
Prior Fiscal
Year of
Outstanding and
Unvested Equity
Awards Granted
in Any Prior
Fiscal Year as of
the End of the
Fiscal Year
($)
​ ​
Change in Fair
Value as of the
Vesting Date
from the Prior
Fiscal Year of
Equity Awards
Vesting in the
Fiscal Year
($)
​ ​
Fair Value of
Equity Awards
as of the Prior
Fiscal Year of
Awards that
Failed Vesting
Conditions in
Fiscal Year
($)
​
​
Fiscal Year
​ ​
Stock Awards ($)
​ ​
Options ($)
​
​
2024
​ ​ ​ ​ 3,357,179 ​ ​ ​ ​ ​ 1,283,259 ​ ​ ​ ​ ​ 7,504,388 ​ ​ ​ ​ ​ 1,815,123 ​ ​ ​ ​ ​ 1,111,384 ​ ​ ​ ​ ​ 0 ​ ​
             
Non-PEO NEO Average Total Compensation Amount $ 1,976,754 $ 2,572,221 $ 2,258,298 $ 1,944,076 $ 1,634,815      
Non-PEO NEO Average Compensation Actually Paid Amount $ 2,578,594 1,409,666 4,865,986 3,485,985 2,003,714      
Adjustment to Non-PEO NEO Compensation Footnote
(3)
The Average SCT Total amounts for the Non-CEO NEOs were adjusted to compute the compensation actually paid as follows:
​ ​ ​ ​
Deduction of the Amounts of
Equity Awards Reported in
SCT for Fiscal Year
​ ​
Addition of Fair
Value of
Outstanding and
Unvested Equity
Awards Granted
During the Fiscal
Year as of the
End of the
Fiscal Year
($)
​ ​
Change in Fair
Value From
Prior Fiscal
Year of
Outstanding and
Unvested Equity
Awards Granted
in Any Prior
Fiscal Year as of
the End of the
Fiscal Year
($)
​ ​
Change in Fair
Value as of the
Vesting Date
from the Prior
Fiscal Year of
Equity Awards
Vesting in the
Fiscal Year
($)
​ ​
Fair Value of
Equity Awards
as of the Prior
Fiscal Year of
Awards that
Failed Vesting
Conditions in
Fiscal Year
($)
​
​
Fiscal Year
​ ​
Stock Awards
($)
​ ​
Options
($)
​
​
2024
​ ​ ​ ​ 653,749 ​ ​ ​ ​ ​ 137,216 ​ ​ ​ ​ ​ 1,099,331 ​ ​ ​ ​ ​ 203,154 ​ ​ ​ ​ ​ 413,124 ​ ​ ​ ​ ​ 322,804 ​ ​
             
Compensation Actually Paid vs. Total Shareholder Return [MISSING IMAGE: bc_tsr-4c.jpg]              
Compensation Actually Paid vs. Net Income
[MISSING IMAGE: bc_netearnings-4c.jpg]
             
Compensation Actually Paid vs. Company Selected Measure
[MISSING IMAGE: bc_roic-4c.jpg]
             
Total Shareholder Return Vs Peer Group [MISSING IMAGE: bc_tsr-4c.jpg]              
Tabular List, Table
MOST IMPORTANT FINANCIAL PERFORMANCE MEASURES FOR 2024
In our assessment, the three most important financial measures we use to link compensation actually paid to the CEO and Non-CEO NEOs to Company performance for fiscal 2024 are:
■
Adjusted ROIC
​
■
Net earnings
​
■
Cumulative compound operating income growth
​
              
Total Shareholder Return Amount $ 214.41 161.88 227.19 166.76 116.22      
Peer Group Total Shareholder Return Amount 174.11 159.52 116.64 133.14 116.87      
Net Income (Loss) $ 350,624,000,000 $ 144,912,000,000 $ 254,251,000,000 $ 197,725,000,000 $ 142,149,000,000      
Company Selected Measure Amount 16.4 14 13.3 11.7 8.7      
Share Price | $ / shares $ 306.54 $ 233.51       $ 234.52 $ 330.3  
Operating Income (Loss) $ 524,584,000 $ 291,557,000 $ 433,249,000 $ 286,785,000 $ 225,953,000      
Effective Income Tax Rate Reconciliation, Percent 25.20% 38.10% 27.70% 23.60% 24.20%      
Income Tax Expense (Benefit) $ 132,050,000 $ (111,124,000) $ (119,872,000) $ (67,681,000) $ (54,681,000)      
Net Income (Loss) Available to Common Stockholders, Basic 392,534,000 180,433,000 313,317,000 219,104,000 171,272,000      
Average Investment Capital $ 2,396,436,000 $ 2,504,474,000 $ 2,437,232,000 $ 2,176,577,000 $ 1,975,693,000      
Percentage of Return on Invested Capital 16.40% 7.20% 12.90% 10.10% 8.70%      
Impairment of Long-Lived Assets to be Disposed of $ 140,844,000 $ 27,911,000      
Restructuring Charges 35,210,000 4,052,000      
Other Non-Recurring Charges 5,626,000      
Amortization of Intangible Assets 6,580,000 3,396,000      
Share-Based Payment Arrangement, Expense 9,896,000 5,240,000      
Write Off Of Receivable 5,545,000      
Acquisition Diligence Expense 1,120,000      
Adjusted Operating Income (Loss) $ 524,584,000 $ 473,237,000 $ 449,725,000 $ 334,049,000 $ 225,953,000      
Adjusted Effective Tax Rate Reconciliation, Percentage 25.20% 25.90% 27.70% 23.60% 24.20%      
Tax Effect On Adjusted Operating Income (Loss) $ 132,050,000 $ (122,665,000) $ (124,431,000) $ (78,836,000) $ (54,681,000)      
Adjusted Operating Income (Loss), After Tax $ 392,534,000 $ 350,572,000 $ 325,294,000 $ 255,213,000 $ 171,272,000      
Percentage Of Adjusted Return On Invested Capital 16.40% 14.00% 13.30% 11.70% 8.70%      
Assets $ 3,329,972,000 $ 3,477,448,000 $ 3,556,996,000 $ 3,447,249,000 $ 2,953,160,000      
Defined Benefit Plan, Plan Assets, Amount 46,520,000 (15,404,000) (24,216,000)      
Accounts Payable 372,197,000 358,311,000 360,312,000 347,841,000 268,099,000      
Accrued Liabilities 275,407,000 277,764,000 248,320,000 253,330,000 227,735,000      
Contract with Customer, Liability 126,932,000 70,978,000 172,915,000 135,746,000 130,018,000      
Taxes Payable 22,509,000 3,664,000      
Dividends Payable 12,019,000 12,125,000 11,742,000 10,616,000 9,556,000      
Deferred Tax Liabilities, Gross 6,344,000 21,205,000 41,091,000 47,849,000 41,689,000      
Operating Lease, Liability 134,534,000 162,743,000 155,469,000 147,759,000 80,202,000      
Deferred Compensation Liability, Current and Noncurrent 33,302,000 32,623,000 30,316,000 35,373,000 44,519,000      
Liability, Defined Benefit Pension Plan 536,000 118,523,000      
Other Liabilities, Noncurrent 20,813,000 12,818,000 13,480,000 89,207,000 58,687,000      
Investment Capital $ 2,279,395,000 2,513,477,000 2,495,471,000 2,378,992,000 1,974,162,000     $ 1,977,223,000
Loss From Currency Hyperinflation   5,100,000            
Non-Recurring Tax Benefit   3,600,000            
Loss from Divestiture     $ 33,300,000          
Effective Rate Including Loss on Divestiture     29.90%          
Goodwill, Impairment Loss         $ 12,575,000      
Effective Income Tax Rate Including Impairment         25.70%      
Measure:: 1                
Pay vs Performance Disclosure                
Name Adjusted ROIC              
Non-GAAP Measure Description
(5)
Valmont selected adjusted return on invested capital (“adjusted ROIC”) as a company specific financial measure that links financial results and performance. A significant portion of an executives long-term performance award is based on adjusted ROIC. ROIC and adjusted ROIC are non-GAAP financial measures. ROIC and adjusted ROIC are calculated from the Company’s audited financial statements as follows:
​
Dollars in Thousands
​ ​
2024
​ ​
2023
​ ​
2022
​ ​
2021
​ ​
2020
​
​ Operating Income ​ ​ ​ $ 524,584 ​ ​ ​ ​ $ 291,557 ​ ​ ​ ​ $ 433,249 ​ ​ ​ ​ $ 286,785 ​ ​ ​ ​ $ 225,953 ​ ​
​ Adjusted effective tax rate ​ ​ ​ ​ 25.2% ​ ​ ​ ​ ​ 38.1% ​ ​ ​ ​ ​ 27.7% ​ ​ ​ ​ ​ 23.6% ​ ​ ​ ​ ​ 24.2% ​ ​
​ Tax effect on operating income ​ ​ ​ ​ (132,050) ​ ​ ​ ​ ​ (111,124) ​ ​ ​ ​ ​ (119,872) ​ ​ ​ ​ ​ (67,681) ​ ​ ​ ​ ​ (54,681) ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ After-tax operating income ​ ​ ​ $ 392,534 ​ ​ ​ ​ $ 180,433 ​ ​ ​ ​ $ 313,317 ​ ​ ​ ​ $ 219,104 ​ ​ ​ ​ $ 171,272 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ Average invested capital ​ ​ ​ $ 2,396,436 ​ ​ ​ ​ $ 2,504,474 ​ ​ ​ ​ $ 2,437,232 ​ ​ ​ ​ $ 2,176,577 ​ ​ ​ ​ $ 1,975,693 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ Return on invested capital ​ ​ ​ ​ 16.4% ​ ​ ​ ​ ​ 7.2% ​ ​ ​ ​ ​ 12.9% ​ ​ ​ ​ ​ 10.1% ​ ​ ​ ​ ​ 8.7% ​ ​
​ Operating income ​ ​ ​ $ 524,584 ​ ​ ​ ​ $ 291,557 ​ ​ ​ ​ ​ 433,249 ​ ​ ​ ​ ​ 286,785 ​ ​ ​ ​ ​ — ​ ​
​ Impairment of long-lived assets ​ ​ ​ ​ — ​ ​ ​ ​ ​ 140,844 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 27,911 ​ ​ ​ ​ ​ — ​ ​
​ Realignment charges ​ ​ ​ ​ — ​ ​ ​ ​ ​ 35,210 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 4,052 ​ ​ ​ ​ ​ — ​ ​
​ Other non-recurring charges ​ ​ ​ ​ — ​ ​ ​ ​ ​ 5,626 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
​ Prospera intangible asset amortization ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 6,580 ​ ​ ​ ​ ​ 3,396 ​ ​ ​ ​ ​ — ​ ​
​ Prospera stock-based compensation ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 9,896 ​ ​ ​ ​ ​ 5,240 ​ ​ ​ ​ ​ — ​ ​
​ Write-off of a receivable ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 5,545 ​ ​ ​ ​ ​ — ​ ​
​ Acquisition diligence ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 1,120 ​ ​ ​ ​ ​ — ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ Adjusted operating income ​ ​ ​ $ 524,584 ​ ​ ​ ​ $ 473,237 ​ ​ ​ ​ $ 449,725 ​ ​ ​ ​ $ 334,049 ​ ​ ​ ​ $ 225,953 ​ ​
​ Adjusted effective tax rate ​ ​ ​ ​ 25.2% ​ ​ ​ ​ ​ 25.9% ​ ​ ​ ​ ​ 27.7% ​ ​ ​ ​ ​ 23.6% ​ ​ ​ ​ ​ 24.2% ​ ​
​ Tax effect on adjusted operating income ​ ​ ​ ​ (132,050) ​ ​ ​ ​ ​ (122,665) ​ ​ ​ ​ ​ (124,431) ​ ​ ​ ​ ​ (78,836) ​ ​ ​ ​ ​ (54,681) ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ After-tax adjusted operating income ​ ​ ​ $ 392,534 ​ ​ ​ ​ $ 350,572 ​ ​ ​ ​ $ 325,294 ​ ​ ​ ​ $ 255,213 ​ ​ ​ ​ $ 171,272 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ Average invested capital ​ ​ ​ $ 2,396,436 ​ ​ ​ ​ $ 2,504,474 ​ ​ ​ ​ $ 2,437,232 ​ ​ ​ ​ $ 2,176,577 ​ ​ ​ ​ $ 1,975,693 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ Adjusted return on invested capital ​ ​ ​ ​ 16.4% ​ ​ ​ ​ ​ 14.0% ​ ​ ​ ​ ​ 13.3% ​ ​ ​ ​ ​ 11.7% ​ ​ ​ ​ ​ 8.7% ​ ​
​ Total Assets ​ ​ ​ $ 3,329,972 ​ ​ ​ ​ $ 3,477,448 ​ ​ ​ ​ $ 3,556,996 ​ ​ ​ ​ $ 3,447,249 ​ ​ ​ ​ $ 2,953,160 ​ ​
​ Less: Defined benefit pension asset ​ ​ ​ ​ (46,520) ​ ​ ​ ​ ​ (15,404) ​ ​ ​ ​ ​ (24,216) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
​ Less: Accounts payable ​ ​ ​ ​ (372,197) ​ ​ ​ ​ ​ (358,311) ​ ​ ​ ​ ​ (360,312) ​ ​ ​ ​ ​ (347,841) ​ ​ ​ ​ ​ (268,099) ​ ​
​ Less: Accrued expenses ​ ​ ​ ​ (275,407) ​ ​ ​ ​ ​ (277,764) ​ ​ ​ ​ ​ (248,320) ​ ​ ​ ​ ​ (253,330) ​ ​ ​ ​ ​ (227,735) ​ ​
​ Less: Contract liabilities ​ ​ ​ ​ (126,932) ​ ​ ​ ​ ​ (70,978) ​ ​ ​ ​ ​ (172,915) ​ ​ ​ ​ ​ (135,746) ​ ​ ​ ​ ​ (130,018) ​ ​
​ Less: Income Tax payable ​ ​ ​ ​ (22,509) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (3,664) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
​ Less: Dividends payable ​ ​ ​ ​ (12,019) ​ ​ ​ ​ ​ (12,125) ​ ​ ​ ​ ​ (11,742) ​ ​ ​ ​ ​ (10,616) ​ ​ ​ ​ ​ (9,556) ​ ​
​ Less: Deferred income taxes ​ ​ ​ ​ (6,344) ​ ​ ​ ​ ​ (21,205) ​ ​ ​ ​ ​ (41,091) ​ ​ ​ ​ ​ (47,849) ​ ​ ​ ​ ​ (41,689) ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ Less: Operating lease liabilities ​ ​ ​ ​ (134,534) ​ ​ ​ ​ ​ (162,743) ​ ​ ​ ​ ​ (155,469) ​ ​ ​ ​ ​ (147,759) ​ ​ ​ ​ ​ (80,202) ​ ​
​ Less: Deferred compensation ​ ​ ​ ​ (33,302) ​ ​ ​ ​ ​ (32,623) ​ ​ ​ ​ ​ (30,316) ​ ​ ​ ​ ​ (35,373) ​ ​ ​ ​ ​ (44,519) ​ ​
​ Less: Defined benefit pension liability ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (536) ​ ​ ​ ​ ​ (118,523) ​ ​
​ Less: Other non-current liabilities ​ ​ ​ ​ (20,813) ​ ​ ​ ​ ​ (12,818) ​ ​ ​ ​ ​ (13,480) ​ ​ ​ ​ ​ (89,207) ​ ​ ​ ​ ​ (58,687) ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ Total invested capital ​ ​ ​ $ 2,279,395 ​ ​ ​ ​ $ 2,513,477 ​ ​ ​ ​ $ 2,495,471 ​ ​ ​ ​ $ 2,378,992 ​ ​ ​ ​ $ 1,974,162 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ Beginning invested capital ​ ​ ​ $ 2,513,477 ​ ​ ​ ​ $ 2,495,471 ​ ​ ​ ​ $ 2,378,992 ​ ​ ​ ​ $ 1,974,162 ​ ​ ​ ​ $ 1,977,223 ​ ​
​ Average invested capital ​ ​ ​ $ 2,396,436 ​ ​ ​ ​ $ 2,504,474 ​ ​ ​ ​ $ 2,437,232 ​ ​ ​ ​ $ 2,176,577 ​ ​ ​ ​ $ 1,975,693 ​ ​
​ ​ ​
The adjusted effective tax rate for fiscal 2023 excluded the effects of the impairment of long-lived assets of $140.8 million, realignment charges of $35.2 million, non-recurring charges associated with major scope changes for two strategic projects initiated by departed senior leadership of $5.6 million, loss from Argentine peso hyperinflation of $5.1 million, and non-recurring tax benefit items of $3.6 million.
The effective tax rate including these items was 38.1%. The adjusted effective tax rate for fiscal 2022 excluded the effects of the $33.3 million loss from the divestiture of the offshore wind energy structure business which is not deductible for income tax purposes. The effective rate including the loss on the divestiture is 29.9%. The adjusted effective tax rates for fiscal 2020 excluded the effects of the $12.575 million goodwill impairments which are not deductible for income tax purposes. The effective tax rate in 2020 including the impairments is 25.7%.
             
Measure:: 2                
Pay vs Performance Disclosure                
Name Net earnings              
Measure:: 3                
Pay vs Performance Disclosure                
Name Cumulative compound operating income growth              
Avner M. Applbaum [Member]                
Pay vs Performance Disclosure                
PEO Total Compensation Amount $ 7,639,710 5,956,400            
PEO Actually Paid Compensation Amount 13,430,167 4,305,592            
Stephen G. Kaniewski [Member]                
Pay vs Performance Disclosure                
PEO Total Compensation Amount 6,280,307 $ 8,674,260 7,337,975 $ 6,432,086      
PEO Actually Paid Compensation Amount $ (5,362,357) $ 21,710,433 $ 16,362,423 $ 9,973,234      
PEO                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount 0              
PEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount 7,504,388              
PEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount 1,815,123              
PEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount 1,111,384              
PEO | Deduction Of The Amounts Of Stock Awards Reported in SCT for Fiscal Year [Member]                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount 3,357,179              
PEO | Deduction Of The Amounts Of Option Awards Reported in SCT for Fiscal Year [Member]                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount 1,283,259              
Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount 1,099,331              
Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount 203,154              
Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount 413,124              
Non-PEO NEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount 322,804              
Non-PEO NEO | Deduction Of The Amounts Of Stock Awards Reported in SCT for Fiscal Year [Member]                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount 653,749              
Non-PEO NEO | Deduction Of The Amounts Of Option Awards Reported in SCT for Fiscal Year [Member]                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount $ 137,216